Finance and InsuranceGreater China

CSSC Shipping secures $116.8m financing for ship acquisitions

CSSC Shipping, the financial leasing unit of China State Shipbuilding Corporation, has announced that the company has entered into an agreement with an unnamed bank to secure up to $116.8m loan facility.

The facility, which will be repaid in 10 years, will be used to finance the acquisition cost of four vessels.

In March, CSSC Shipping entered into a sale and leaseback agreement with South Korean owner Sinokor for four 1,080 teu newbuild containerships.

CSSC Shipping currently owns a fleet of over 50 vessels with another 20 on the orderbook.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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